UPDATE: Goldman Sachs Lowers PT and Reiterates Buy Rating on Tilly's, Inc., Weak 1Q13 Outlook

Goldman Sachs analyst Lindsay Drucker Mann published a report on Tily's Inc.

reiterated its Buy rating and lowered the price target from $17 to $16. Goldman Sachs reported that, “We are lowering our EPS and price target following disappointing 1Q13 sales and EPS guidance from TLYS on their 4Q12 report. Our Buy-rating has been predicated on: (1) a positive view on TLYS rapid supply chain, (2) a long-term algorithm that supports ongoing 10-15% top-line growth, including low-single digit comp sales, (3) a compelling mid-teens P/E for a model that should fetch a low-20's multiple, and (4) upside optionality if a surf-skate fashion cycle materializes, which we see as likely.” Shares of Tilly's, Inc. closed at $13.76 on Wednesday.